Jul 08 2012
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S&P Capital IQ Fund Research Assigns Grading to Mashreq Al Islami Income Fund
The UAE-domiciled product is run by Abdul Hussain, Mashreq Capital's experienced CIO of fixed income and group CEO. Mashreq Capital is part of Mashreq Bank, the largest retail bank in the UAE.
Hussain set up the fixed income business at the end of 2005 and was joined in April 2007 by Aliasgar Tambawala, who is back-up portfolio manager. They are supported by two analysts.
The fund has no formal benchmark as its investment universe is set by the Shariah board, which may not accept bonds regarded as sukuk by other boards. Therefore managing against an index can be problematic. However, the manager seeks a 5-7% annualised return over the life of the fund. Cumulatively from inception, the fund has returned 27.56%, which gives an annualised 8.97% return.
Abdul Kadir Hussain, CEO, Mashreq Capital, said, " Mashreq Al Islami is the first sukuk fund in the region to receive a grading by S&P Capital IQ. We are proud to achieve yet another milestone, which is a true reflection of our investment management capabilities even during tough market environment. We hope that the grading will further contribute to our success. The fund has achieved excellence performance recording a return of 30.11% in last three years."
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